tag:blogger.com,1999:blog-4815867514277794362.post3631746047111766926..comments2018-05-24T17:17:54.656+10:00Comments on Bronte Capital: Some comments on the Valeant conference callJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger65125tag:blogger.com,1999:blog-4815867514277794362.post-51422698498469202392016-03-10T20:18:12.524+11:002016-03-10T20:18:12.524+11:00They should have gone for proper Corporate Trainin...They should have gone for proper <a href="http://acetraininghub.com" rel="nofollow">Corporate Training Singapore</a>...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-41551924556587202392016-02-09T01:59:53.430+11:002016-02-09T01:59:53.430+11:00rightly saidrightly saidWebliquidshttp://webliquids.blogspot.innoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-25345389534938716592015-11-04T03:32:25.145+11:002015-11-04T03:32:25.145+11:00Looks like someone in DC is looking for patients w...Looks like someone in DC is looking for patients who have spoken with John, Roddy, Left….and offering a cash reward for them to talk…<br /><br />http://philidor-rx-services.pissedconsumer.com/philidor-rx-services-llc-took-my-hsa-funds-20150102577512.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-17598089479782635582015-11-03T11:33:36.483+11:002015-11-03T11:33:36.483+11:00@Contrarian -- There have been several reports by ...@Contrarian -- There have been several reports by Philidor employees that their paychecks and W-2s were issued by Valeant. Also, many Philidor employees are directly supervised by Valeant badged employees. What does this do to your theory that the two entities are possibly separate?John Watsonnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-48317874462021657302015-11-01T02:58:58.905+11:002015-11-01T02:58:58.905+11:00It&#39;s looks pretty damning that the Philldor ow...It&#39;s looks pretty damning that the Philldor owners might be involved in fraud. Given prior firing accusations of accounting fraud and the suggestion they have been stuffing the channel with unneeded product. Then a series of transactions with R&amp;O that look like they might have gotten really greedy. The harm by Rice seems out of place given the purchase price of only $30k and the establishment of a management contract. A management contract is an easy way to set up a shell and then operate it under your control. If they were having regulatory issues in California that could be the motivation. Rice&#39;s filing could be CYA for when the whole thing implodes.<br /><br />This raises the question if Valeant got led into a trap or if they were in on it. At what point did they loans by Valeant to cover the ownership of Philldor occur? Was it to start the company or bail it out? What was the motivation for the purchase option? Once again a shared complicity in a potential fraud or getting duped before fraud began to be suggested.<br /><br />I don&#39;t find the consolidation to necessarily indicate control. It could be that VRX stupidly entered into the purchase option (perhaps as settlement for unpaid receivables) and then their auditors came along and told them they would have to consolidate because of the option/GAAP rules.<br /><br />The answer to these questions is material to whether or not VRX is a victim (survives) or a collaborator (dies). The real question is how did Philldor management plan their exit if indeed they were guilty of fraud (fraudsters aren&#39;t dumb - they usually do have an exit plan). They must know that when the insurance companies figured out the business practices they would cut Philldor off - if in fact this was happening the motivation for other pharmacy shells would make sense. It would also make sense to try and sell the bag of sh$% to the most likely to be harmed by when it collapses (present management excluded). If the exit plan were to stick VRX with the bag of sh*$ then this scenario could leave VRX the victim, even if they were coerced into the current position. <br /><br />At this point a likely scenario is that VRX not exercise their option, let Philldor implode since the spector of fraud has already been raised and just suffer a) a big write-off on unpaid receivables and b) fight charges that they were involved with Philldor. The Philldor management might be satisfied to default on their loans, walk off with loads of cash and see if they can stick some unsuspecting Pharmacist employee with any criminal liability. Then they could &#39;Donald Trump&#39; the company into bankruptcy by abandoning their ownership interests. Of course this is all conjecture and I make no suggestions of wrongdoing by R&amp;O, Philldor, Valeant or their by their management, owners, lawyers or any pets they may keep.<br /><br />The Contrarian Individual Investorhttps://www.blogger.com/profile/10812447117232102268noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-33814286377967005442015-10-31T10:17:01.468+11:002015-10-31T10:17:01.468+11:00Valeant filed its cross complaint against R&amp;O ...Valeant filed its cross complaint against R&amp;O Pharmacy yesterday. https://www.unitedstatescourts.org/federal/cacd/629888/16-0.html<br /><br />Based on the cross complaint, it appears R&amp;O&#39;s original complaint was true in every way. Valeant never sent an invoice to R&amp;O. Rather, Valeant&#39;s agent, Philidor, sent invoices to R&amp;O without disclosing its agency relationship. How is R&amp;O to know that these invoices are not just forgeries which are part of a massive fraud perpetrated by Philidor/Isolani? These could be medications which fell off the back of a truck after all.<br /><br />It looks to me that the scheme to cheat Reitz out of $315K is going to cost Valeant an enormous sum. Justice would be Valeant/Philidor/Isolani on the hook for the legal bills of both sides because of the MSA.<br /><br />It is hard to tell where one entity begins and the other ends. Situations like this demand piercing of the corporate veil.John Watsonnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-40848177487071449202015-10-29T13:38:05.870+11:002015-10-29T13:38:05.870+11:00Philidor became a company due to its relationship ...Philidor became a company due to its relationship with medicis and no other reason.<br />I knew what they were doing was not legit, especially the 0 dollar Co pays and their refill practices. But from what I have read it seems like their withholding ownership information is the criminal aspect, <br />John your research is very good and pretty close to what will probably come out about Philidor Fabian and the Davenports had quite an aggressive plan I think some of it was a game but a lot was greed and that trait that puts a lot of people in jail Arrogance! <br />Consumers also need to know what goes on, and I loved the Co pay explanations<br />ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-81598135952109693332015-10-27T23:55:31.223+11:002015-10-27T23:55:31.223+11:00John, Thank you for the outstanding work!John, Thank you for the outstanding work!Bio-Investhttps://www.blogger.com/profile/12708362445804887297noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-30596122590390306132015-10-25T19:35:34.072+11:002015-10-25T19:35:34.072+11:001. http://www.yelp.com/biz/saferx-pharmacy-south-...1. http://www.yelp.com/biz/saferx-pharmacy-south-plainfield<br />2. https://www.facebook.com/SafeRxPharmacy<br /><br />See the phone number. See the pharmacy website address:<br /><br />http://mysaferx.net/<br /><br />Then::<br /><br />3. http://saferxpharma.com/<br />4. Trying to hide the ownership data, again -- http://whois.domaintools.com/saferxpharma.com <br />5. But, Exhibit A -- http://www.tcpiputils.com/browse/as/62559<br />6. And also, Exhibit B -- http://saferxpharma.com/downloads/saferx_npp.pdf<br />7. Again, same phone number. <br /><br />Per Yelp, the pharmacy was established in 2014. And is clearly doing business via phone and mail order. <br /><br />How many more of these fronts are out there?<br /><br />Repeat the exact same process with R&amp;O Pharmacy:<br /><br />http://r-opharmacy.com/<br />http://randopharmacy.com/<br /><br />Let&#39;s hope actual revenues don&#39;t mirror the Google Trends data!<br /><br />https://www.google.com/trends/explore#q=Philidor%20RX%2C%20westwilshirepharma.com%2C%20saferxpharma.com%2C%20orbitpharma.com%2C%20randopharmacy.com&amp;date=1%2F2013%2034m&amp;cmpt=q&amp;tz=Etc%2FGMT%2B7<br /><br />2014 is when Pearson began creating this monster.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-17072535522931065752015-10-25T19:09:47.799+11:002015-10-25T19:09:47.799+11:00Look at this!
http://whois.domaintools.com/saferx...Look at this!<br /><br />http://whois.domaintools.com/saferxpharma.com<br /><br />And then, see the website address from the facebook page.<br /><br />https://www.facebook.com/SafeRxPharmacy<br /><br />It&#39;s the EXACT same &quot;two sites&quot; as seen with R&amp;O.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-6638170435331668032015-10-25T18:45:20.172+11:002015-10-25T18:45:20.172+11:00https://www.facebook.com/jaimin.patel.127648?hc_lo...https://www.facebook.com/jaimin.patel.127648?hc_location=ufi<br /><br />Manager of SafeRx.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-60560843749790592972015-10-25T18:44:18.129+11:002015-10-25T18:44:18.129+11:00History
Established in 2014.
SafeRx Pharmacy was...History<br /><br />Established in 2014.<br /><br />SafeRx Pharmacy was opened in 2014. We&#39;re committed to being more than just a local pharmacy - we also want to be a good neighbor. At SafeRx Pharmacy, we focus on providing exceptional service and the kind of pharmaceutical experience that will make you a happy and loyal customer. SafeRx Pharmacy is here because we care about you. We hope to help you soon.<br /><br />Meet the Manager<br /><br />Jaimin P.<br />Manager<br />Jaimin Patel is the store manager of SafeRx Pharmacy. He&#39;s part of a professional, talented staff that offers customers a fantastic pharmacy experience every day. From kind service to quick turnarounds, our business is satisfying you, the customer. Jaimin welcomes every customer with a smile, and he and the SafeRx Pharmacy team look forward to serving you soon.<br /><br />---<br /><br />902 Oak Tree, Suite 5<br />South Plainfield, New Jersey<br />(908) 444-8185<br /><br />via:<br /><br />https://www.facebook.com/SafeRxPharmacy<br /><br />---<br /><br />Mentioned in 4chan post:<br /><br />&gt;&gt;933275<br />I was at Philidor/R+O/SafeRX and the others. Valeant is claiming they are separate entities to disparage the fraud claims but they were all pretty much ran from the same place.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-84864302310656106022015-10-25T18:04:49.493+11:002015-10-25T18:04:49.493+11:00http://www.scribd.com/doc/286703589/Declaration-of...http://www.scribd.com/doc/286703589/Declaration-of-Eric-Rice-in-Isolani-v-R-O#scribdAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-5348983954924042812015-10-25T17:35:17.299+11:002015-10-25T17:35:17.299+11:00It all started as a perfect plan until R&amp;O wen...It all started as a perfect plan until R&amp;O went rouge. R&amp;O was Philidor’s answer to the California part of a reimbursement fraud. Philidor bought R&amp;O for a song late 2014 but as the massive checks started coming thru, Russell Reitz, the Pharmacy-in-charge, decided that by refusing to cash the checks, he could get more money for the misdeeds. Valeant sent them a letter on 9/4/15 demanding the money and Isolani (i.e. Philidor) sued Reitz on 9/8/15 at the Superior Court of California, County of Los Angeles. On 10/6/15, Russell Reitz came all the way over on top and raised the stake by suing Valeant in the Central District Court of California, threatening to publicly expose Valeant’s gambit. Valeant would have folded and paid Reitz a king’s ransom, except the whole Philidor scandal is just getting too hot.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-15317029420811091552015-10-25T17:32:47.193+11:002015-10-25T17:32:47.193+11:00http://www.propublica.org/documents/item/2483508-5...http://www.propublica.org/documents/item/2483508-5.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-86192383178559918582015-10-25T16:55:52.284+11:002015-10-25T16:55:52.284+11:001. First link is actually from an employee (likel...1. First link is actually from an employee (likely now ex-employee)<br /><br />http://www.pissedconsumer.com/people/maria-620.html<br /><br />http://philidor-rx-services.pissedconsumer.com/philidor-pharmacy-is-a-scam-do-not-use-philidor-pharamacy-20150303603210.html<br /><br />2. See July 1 review<br /><br />http://www.yelp.com/biz/saferx-pharmacy-south-plainfield<br /><br />3. Absolutely is a VRX entity -- anyone&#39;s guess the look-thru revenue and earnings; clearly this entity is also doing co-pay waiving.<br /><br />http://saferxpharma.com/downloads/saferx_npp.pdf<br /><br />4. Only 37 total Google results; this clearly is not yet well understood or discussed<br /><br />https://www.google.com/search?q=%22saferx%22+philidor<br /><br />5. 4chan is now digging!<br /><br />https://boards.4chan.org/biz/thread/933253Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-13974225868408973162015-10-25T05:38:48.463+11:002015-10-25T05:38:48.463+11:00Regarding the R&amp;O lawsuit, while not a common ...Regarding the R&amp;O lawsuit, while not a common maneuver, I understand its logic.<br /><br />Valeant threatens to sue R&amp;O for $69 million. I don&#39;t know how big R&amp;O is, but my guess is $69 million is an awful lot of money for these guys. Valeant North Am is, according to the demand letter, in New Jersey. While it is arguable whether R&amp;O can be dragged into court in NJ, it is a risk, and they would rather be in CA (if they are licensed in NJ they can be sued there, no question). So they are facing potential litigation on the other side of the country, for a huge amount, on claims they purport to know nothing about, by a company that won&#39;t back up their claims.<br /><br />As a lawyer, depending on my client&#39;s resources, I might recommend suing for declaratory relief, in our preferred venue, and remove this sword of Damocles from over my client&#39;s head.<br /><br />But - and this is key - I would only recommend this if we were convinced the claim was a fraud.Greg Snoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-62205847403773929142015-10-23T22:17:52.927+11:002015-10-23T22:17:52.927+11:00R&amp;O pharma as well as 4 other clone pharm site...R&amp;O pharma as well as 4 other clone pharm sites have their have their Hipaa security statements signed by the same &quot;James Fleming&quot; under the title of Secretary, Manager or Member. All were put up in the last few months.<br /><br />There is no mix up between R&amp;O and randopharmacy. They have the same address on their websites. <br /><br />http://randopharmacy.com/downloads/ro_hsp.pdf<br />http://saferxpharma.com/downloads/saferx_hsp.pdf<br />http://westwilshirepharma.com/downloads/ww_hsp.pdf<br />http://randopharmacy.com/downloads/ro_hsp.pdf<br />http://orbitpharmacy.com/downloads/orbit_hsp.pdf<br /><br />James Flemming is on the books in several states.. <br /><br />http://www.hipaaspace.com/Medical_Billing/Coding/National_Provider_Identifier/Codes/NPI_1780013995.txt<br /><br />Hit me up. I have more info...<br /><br />twitter.com/magiktrader<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-51216162400800624002015-10-23T07:38:18.293+11:002015-10-23T07:38:18.293+11:00My personal favorite, check out Google Trends for ...My personal favorite, check out Google Trends for Philidor vs. the sub pharmacies. Philidor started getting some website search traffic in 2014, but randopharmacy.com and the others appear to have gotten zero meaningful search traffic. $70mm in orders and nobody ever searched for R&amp;O&#39;s website to place an order, return, etc... okay.<br /><br />Here&#39;s the chart:<br /><br />https://www.google.com/trends/explore#q=Philidor%20RX%2C%20westwilshirepharma.com%2C%20saferxpharma.com%2C%20orbitpharma.com%2C%20randopharmacy.com&amp;date=1%2F2013%2034m&amp;cmpt=q&amp;tz=Etc%2FGMT%2B7Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-62805581549089345882015-10-23T06:46:18.968+11:002015-10-23T06:46:18.968+11:00This really is brilliant John....but you understan...This really is brilliant John....but you understand you&#39;ve probably been crossed off of Bill Ackman&#39;s Christmas card mailing list....nice post!Deep Throathttps://www.blogger.com/profile/02712515268051858186noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-38042930248754192202015-10-23T05:45:09.167+11:002015-10-23T05:45:09.167+11:00Outstanding work!
This is in a class of its own wh...Outstanding work!<br />This is in a class of its own when it comes to forensic due diligence.Andersnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-44545114827846478352015-10-23T01:54:24.753+11:002015-10-23T01:54:24.753+11:00Hi John,
Nice work. Question. You write:
&quot;I...Hi John,<br /><br />Nice work. Question. You write:<br /><br />&quot;If the Valeant tied specialty pharmaceutical companies systematically waive copays for Medicare patients then there is considerable doubt whether Valeant can survive. A criminal charge against an entity with $30 billion in debt is likely to be fatal.&quot;<br /><br />I&#39;ve seen this disputed. Some say that these sorts of fines are pretty minor. Do you have anything to back up your argument here?<br /><br />Thanks.Medicare Fraudnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-8024333622845669992015-10-23T01:07:42.512+11:002015-10-23T01:07:42.512+11:00John, a couple of comments/thoughts.
First, Phili...John, a couple of comments/thoughts.<br /><br />First, Philidor has said in a press release that it has an option to acquire R&amp;O Pharmacy ( though it is now t clear which one, assuming there are in fact two separate but similarly named entities)<br /><br />Second, it&#39;s interesting that R&amp;O&#39;s filing only denies receipt of any invoices, but doesn&#39;t refer at all to the non-receipt of any underlying get pharmaceuticals. Perhaps this merely reflects the narrow terms and f the letter of demand, or perhaps sloppy drafting by R&amp; O&#39;s lawyer. But I wonder if R&amp;O has in fact received Valeant products via Philidor for which it hasn&#39;t paid, and Valeant has sought to recover monies owing to its pseudo subsidiary.<br /><br />I also note the Letter of demand refers to wholesale prices, and whether any actual amount receive by R&amp;O is significantly less.<br /><br />I&#39;m f course the fraud possibility remains live, but there are other explanations.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-13666748339176474552015-10-22T21:48:07.034+11:002015-10-22T21:48:07.034+11:00As a collection effort, the letter from Valeant is...As a collection effort, the letter from Valeant is strange. Generally, a collection letter from a legal department would be dated and there is no date at the top of the letter. Also, such letters are not commonly sent via FedEx as speed of delivery is less important than establishing the paper trail. In the US, it is far more common for the legal department of a company to send a collection letter via the US Post Office as certified mail with return receipt requested. The recipient is required to sign and date a green signature card which provides proof of receipt and establishes the collection timeline for future legal action. This green card is forwarded back to the sender by the post office.<br /><br />Instead, this collection letter looks more like a standard form letter that would be sent to any number of delinquent accounts. The letter does not reference specific invoices, invoice aging, or make specific reference to the credit terms of the customer. Also, the letter does not include a phone number or extension to the legal department. The phone number at the top of the letterhead appears to be the general phone number for Valeant.<br /><br />As noted elsewhere, a small pharmacy would never incur legal costs to respond to this collection letter and would certainly not file suit against Valeant on the basis of the letter. If there were no open invoices, R&amp;O would simply send certified mail ($7 expense) back to Valeant explaining that Valeant&#39;s collection effort is in error. It is clear that R&amp;O had an incentive to use this letter as a tool to publicize the R&amp;O and Valeant relationship. The collection letter to R&amp;O and the response from R&amp;O to Valeant was likely triggered by a contentious negotiation between Philidor/R&amp;O and Valeant around valuation and/or terms of the acquisition of Philidor/R&amp;O by Valeant.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-86739944179735462492015-10-22T15:15:53.901+11:002015-10-22T15:15:53.901+11:00http://ipinfo.io/AS62559 is proof that the website...http://ipinfo.io/AS62559 is proof that the websites in questions controlled by Philidor RX Services. Smoking gun, and it means phantom pharmacies could be making Valeant lots of money.Anonymousnoreply@blogger.com